As a seasoned crypto investor with over a decade of experience in the market, I’ve learned to navigate through the highs and lows of Bitcoin like a pro. The current scenario with BTC price grilling support for the second day is not new to me – it’s just another dance between bulls and bears.
Bitcoin (BTC) kept up pressure on support on Oct. 22 as analysis demanded a new high within days.
BTC price grills support for second day
The data gathered from CryptoMoon Markets Pro and TradingView shows that Bitcoin’s price exhibited volatile or fluctuating conditions as it approached the latest opening of the Wall Street market.
Moving approximately around $67,000, Bitcoin (BTC) struggled to resume its upward trend following a 3% decline triggered by a U.S.-initiated sell-off the previous day.
As anticipated, a slight retreat occurred at the beginning of the trading week, according to the remarks of the well-known trader and analyst Skew on platform X.
According to Skew’s analysis, Bitcoin needs to reach a fresh peak during the middle of the week to demonstrate its resilience.
He said that, ideally, if the market is truly robust, we’d likely see the price reach a new high around the middle of the week, surpassing the $69,000 mark.
According to a visual representation, the region around $65,000 appeared to be a potential focus, coinciding with several short-term Exponential Moving Averages (EMAs).
Once again, certain analysts foresee further opportunities for significant price tests, potentially reaching levels around $60,000.
Today, Castillo Trading found the setup for Bitcoin (BTC) to be quite simple and clear.
“$66,500 support needs to hold on $BTC, if that fails then we look to long $61,065 nPOC print.”
In his recent analysis, fellow trader Roman mentioned that the Bitcoin to US Dollar pair (BTC/USD) is presently bouncing off the 66k support level as a sign of a potential bullish breakout and retest. He also pointed out the decreasing RSI values on daily timeframes, suggesting a downward trend.
He asked his audience if they would be interested in exploring the topic more deeply, as this could help reduce RSI and introduce some market volatility,” he said to his group of X followers.
“We’re going to need it to break our larger 70k resistance.”
DXY feeds off macro “uncertainty”
Instead, let’s shift our focus back to the U.S. dollar’s robustness, as equity markets paused their steep ascent beyond previous records.
According to J. A. Maartunn, who contributes to the onchain analytics platform CryptoQuant, there’s been little conversation despite the fact that the U.S. Dollar Index ($DXY) is swiftly increasing at an impressive rate on this particular day.
DXY breached 104 on the day, now up 3.2% month-to-date.
Previously, the strengthening of DXY (US Dollar Index) tended to weaken crypto and risky assets. However, surprisingly, this strong DXY performance hasn’t dampened investors’ risk-on sentiment, not even in the face of rising inflation indicators.
doubts about potential monetary policy relaxation in the U.S., and uncertainties surrounding the results of the upcoming Presidential Election.
As a researcher, I find the U.S. equities market continuing to perform well, yet I’m maintaining vigilance regarding potential vulnerabilities that may surface during the upcoming U.S. elections.
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2024-10-22 18:49